Report reveals truck refrigeration market worth $15B by 2025
The medium and heavy commercial vehicle (M&HCV) segment has shown tremendous growth in terms of production in recent years.
The truck refrigeration unit market is projected to reach $15 billion by 2025, at a CAGR of 5.21%, according to a report published by MarketsandMarkets, New York. The growing LCV sales worldwide and increasing demand for frozen and chilled goods are projected to drive growth and sales.
M&HCV segment is expected to grow the highest CAGR
The medium and heavy commercial vehicle (M&HCV) segment has shown tremendous growth in terms of production in recent years. As per statistics from Organisation Internationale des Constructeurs d'Automobiles, France, EU-27, the Americas and Asia Pacific have grown by 17.9%, 14.9% and 19.5%, respectively, from 2016-2017 in the heavy trucks segment. With the growing demand for heavy trucks, the demand for refrigerated trucks will also grow significantly for the transportation of perishable goods such as fish, meat and dairy products. Also, in order to transport more than one product at a time, the usage of multi-temperature refrigerated systems continues to increase. Hence, increasing import and export is expected to drive the M&HCV refrigeration unit market.
Increased consumption of frozen food items and other commodities drive Asia Pacific truck refrigeration unit market
Asia Pacific is estimated to be the largest truck refrigeration unit market during the forecast period owing to the highest consumption of frozen and chilled products compared to other regions such as the United States and EMEA. Asia Pacific, especially India and China, witness a change in lifestyle, eating habits and growing spending power. Increasing consumer demand for frozen snacks and convenience foods fuels the growth of supermarkets and quick-service restaurants in the region.